Mexico's Saul "Canelo" Alvarez will put his WBC light-middleweight crown up against Great Britain's Amir Khan on Saturday May 7. Photo: Getty Images

Three-time champion Canelo Alvarez (46-1-1, 32 KOs) of Guadalajara, Mexico, will reportedly next step into the ring against famed Brit Amir Khan (31-3, 19 KOs) on Saturday May 7 for the WBC light-middleweight title in Las Vegas.

Khan made the announcement Tuesday morning via his official Twitter account.

Delighted to announce i will be fighting @Canelo May 7th Cinco De Mayo, Las Vegas for the 155lbs @WBCBoxing title! __

As Khan says in the tweet, he’ll move up to a catchweight of 155 pounds in order to fight Alvarez. But there is still no word on whether there will be any penalties issued to Khan should he fail to make weight.

The fight will be aired by HBO Pay-Per-View over Cinco De Mayo weekend, with Oscar De La Hoya’s Golden Boy Promotions serving as the main promoter.

Alvarez, 25, is coming off an excellent performance and a unanimous-decision win over Puerto Rico’s Miguel Cotto back in November, to win the lineal, WBC and The Ring middleweight titles. Alvarez has won his last four fights and suffered his only loss in a majority decision to undefeated and now-retired Floyd Mayweather in 2013.

Khan, 29, has rebounded well after suffering consecutive defeats between 2011 and 2012, and has won his last five fights, including four by decision and most recently over American’s Chris Algieri and Devon Alexander. However, the win over Algieri was not convincing, and there have been questions as to whether Khan can fight against elite competition.

“As the middleweight champion of the world, I will take on the best fighters in the sport and on Cinco De Mayo weekend, I look forward to making the first defense of my titles,” Alvarez said in a statement. “Amir was a decorated amateur, a two-time world champion and is in the prime of his career. Fans are in for a great fight on May 7.”